Paul Kangas' Stocks in the News
Friday, June 19, 2009
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PAUL KANGAS: Wall Street headed higher this morning on the back of yesterday's modest blue chip rally. NASDAQ stocks were gainers after Goldman Sachs made positive comments about Microsoft. At 11:00 a.m. the Dow was up 55 points and the NASDAQ up 30 points. While the tech issues held on to most of their gains, the blue chips were undermined this afternoon by selling linked to the quarterly expiration of stock indexes and options. The Dow Industrial Average closed down 15.87 at 8,539.73. This week it rose only once for a net loss of 259.53 points. The NASDAQ Composite was up 19 3/4 points today at 1,827.47. It rose twice this week while falling three times for a net loss of 31.33 points. Standard & Poor's 500 up 2.86 closing at 921.23 today and for the week overall it lost 24.98 points. In the bond market, the 10-year note rose 9/32 to 94 22/32, putting the yield at 3.77 percent.
Big board volume leader on 118.8 million shares, Bank of America (BAC) moving up $0.32.
And then Citigroup (C) with a $0.04 gain. Citigroup expects a very good performance by its wholesale banking operations in Latin America this year. Meanwhile, Rockdale Securities started coverage of the stock of Citigroup with a "buy" recommendation.
General Electric (GE) $0.13 gain there.
Wells Fargo (WFC) up $0.49.
JPMorgan Chase (JPM) rose $0.83 a share.
$0.20 gain for Keycorp (KEY). Second quarter results for Key are due out Wednesday.
Pfizer (PFE) an $0.08 advance.
Regions Financial (RF) moved up a dime.
ExxonMobil (XOM) losing $0.39. The company plans a second quarter charge of $150 million related to the Exxon Valdez oil spill.
Ford Motor Co (F) $0.04 gain, tenth in volume.
Hewlett-Packard (HPQ) moved up $0.80. The company signed a 10-year partnership with Alcatel Lucent to develop and market communications and computing products.
Carmax (KMX) $2.22 gain. First quarter earnings, $0.13, same as a year ago and that's despite a 17 percent drop in same store sales. The Street estimate was only for $0.04 to $0.05 so it did a lot better than expected.
Carnival (CCL) up $1.83. Wachovia Securities upgraded it from "market perform" to "out perform" after yesterday's lower but better than expected second quarter earnings of $0.33 a share.
Teekay Tankers (TNK) moved down $1.41 on news the company plans a seven million share public offering of stock. That represents a little earnings dilution.
Darden Restaurants (DRI) up $1.15, $1.16 let's make it. Goldman Sachs noted that the casual dining stocks seemed to have bottomed, positive word there.
And Hospira (HSP) up $2.01. A New Jersey district court grants a favorable judgment, allowing the company to produce generic versions of Sanofi Aventis Eloxitin and that's a chemotherapy treatment, Eloxitin.
Sasol Ltd (SSL) $2 loss. This is the world's biggest producer of motor oil from coal and the company sees up to a 50 percent drop in its annual earnings because of lower crude oil prices.
Apple (AAPL) topped the active list up $3.60, indication that the introduction of the new iPhone was fairly well received.
Research in Motion (RIMM) down $3.77. After the close yesterday as we reported, the company posted strong earnings but made a cautious outlook and that's what hurt the stock today no doubt.
Microsoft (MSFT) moving up $0.57 a share. Goldman Sachs said this stock has upside potential of 24 percent due to its new products and Goldman boosted its price target from $23 to $29 a share.
Google (GOOG) up $6.03.
Then Cisco Systems (CSCO) with a $0.07 loss.
Intel (INTC) $0.14 gain.
Qualcomm (QCOM) was a $0.72 advancer.
Oracle (ORCL) rose $0.41.
Amgen (AMGN) fell $0.69.
While Dell (DELL) was up $0.68.
Elsewhere, Smith & Wesson Holding (SWHC), the big gun company, up $1.10. Northland Securities upgraded it from "market perform" to "out perform" due to very strong recent sales. The company is also acquiring Universal Safety Response Corporation.
And those are the stocks in the news tonight.
